Market News
2 min read | Updated on February 05, 2024, 11:08 IST
SUMMARY
Benchmark indexes swung between declines of 0.2% and gains of 0.5% in first hour of trade.
Stock list
market trades flat
BENGALURU, Feb 5 (Reuters) - Indian shares were mixed on Monday as gains in Tata Motors and oil-related stocks were hit by a drop in financials, while fading hopes of early U.S. rate cut dragged Asian markets.
The NSE Nifty 50 index rose 0.28% at 21,917.10 as of 10:47 a.m IST, while the S&P BSE Sensex edged up 0.15% at 72,190.84.
Both indexes swung between declines of 0.2% and gains of 0.5% in first hour of trade.
Financial services fell 0.4%, dragged by a pullback in top private lenders HDFC Bank and ICICI Bank after a rally on Friday.
The drop ate into 1.8% gains in auto stocks as Tata Motors surged 7.55% to a record high after reporting an over two-fold rise in December-quarter profit.
The stock was the top percentage gainer on Nifty 50 and led the gains in auto index as well.
Asian shares fell after data showed U.S. non-farm payrolls jumped more than expected in January, dashing any expectations of a near-term interest rate cut from the Federal Reserve.
Oil and gas stocks gained 1.9%. Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd and Indian Oil Corporation extended their post-results rally, rising between 3.2% and 7%.
Since their quarterly results in the last week of January, the three companies have advanced between 12% and 26%.
On the flip side, One 97 Communications slumped further after a regulatory crackdown, dropping 10% to a near-record low. UPL fell 6% to a three-year low after posting quarterly loss on weak demand.
About The Author
Next Story